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U.S. Gasoline Prices Up After 3-Week Decline

Prices at U.S. pumps rose 1 cent from a week ago, pushing pause on gradually declining prices, largely because of price increases in Great Lakes states, GasBuddy said on Monday. 

Gasoline prices in the U.S> hit $3.41 per gallon on Monday, according to GasBuddy, while AAA put the national average per gallon at $3.447. 

The national average, according to GasBuddy, is still down 18 cents from a month ago, and down 13.8 cents per gallon from a year ago.  For diesel, the national average is down 1.6 cents over the past week and 13 cents over the past year. 

“Since the national average price of gasoline fell to its lowest June level since 2021 last week, we’ve seen the drop in prices take a break, with some states seeing a small rise over the last week. Thankfully, I expect this to be more like a short timeout, with an eventual return to falling gasoline prices in most states,” said Patrick De Haan, head of petroleum analysis at GasBuddy. 

For diesel, De Haan said that the drop in prices continues, with diesel now “at its lowest level since January 2022”.

With gasoline and diesel prices still lower than a year ago, De Haan described the situation as “music to the ears of the Federal Reserve, as fuel prices are a significant component of the Consumer Price Index”. 

For motorists, De Haan said, while demand has been slightly weaker than anticipated, “market fundamentals look pretty good right now”, despite “price cycling” in some Great Lakes states, which GasBuddy explained as the result of “retailers restored prices after deep cuts over the last 1-2 weeks.”

Last week, oil prices rose nearly 4% on optimism over increased summer fuel demand. That sentiment was somewhat dulled, however, ending the rally, following U.S. consumer spending data showing a decline in consumer sentiment. 

According to GasBuddy demand data, U.S. retail gasoline demand saw a drop of 1.5% for the week ending June 15. 

By Michael Kern for Oilprice.com

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